Fitch Solutions Anticipates Economic Growth of 6.1% for Indonesia in 2021, Higher than Previously Forecast

Revising expectations, Fitch Solutions Country and Industry Research reported in a note on the 6th of November 2020, that it now expects Indonesia’s gross domestic product (GDP) for 2021 to grow 6.1%. This is an improvement from the previous GDP forecast for 2021 of 3.3%.

The report highlighted however that recovery was expected to be bumpy, given the on-going effects of the COVID-19 pandemic, as Indonesia’s economy comes out of a 1.3% contraction in 2020, anticipated by Fitch Solutions.

Indonesia slipped into a recession in the third quarter of 2020 (3Q 2020), the first recorded since the Asian Financial Crisis, as the economy contracted 3.5% year-on-year in 3Q 2020. De...